Financial Reform

News Release | U.S. PIRG | Financial Reform

CFPB Taps Former Pentagon Legal Official to Head Office of Servicemember Affairs

We join National Consumer Law Center, Americans for Financial Reform and other leading groups in a release commending the appointment of senior Pentagon official Colonel Paul Kantwill (U.S. Army, Retired) to lead the Consumer Financial Protection Bureau’s (CFPB) Office of Servicemember Affairs. The CFPB plays an important role in protecting servicemembers, veterans and their families from financial predators.

This week, the Consumer Financial Protection Bureau nailed two "big 3" credit bureaus --Trans Union and Equifax -- for deceptive marketing of their over-priced, under-performing credit monitoring subscription products.  Combined fines and consumer restitution total $23 million. I predict that the CFPB will also bring a case against the remaining bureau, Experian, and that it will pay much more, because Experian really has led the way in aggressively marketing these tawdry products. They don't prevent identity theft, nor do they always accurately disclose your credit score, at fees of up to $16.95/month or more. Yikes!

News Release | U.S. PIRG | Financial Reform

Overdrafts continue to hit students hard on campus

Today, the Consumer Financial Protection Bureau (CFPB) released a report shining a spotlight on contracts between banks and colleges to promote debit cards on campus.  Students continue to get hit hard with overdraft fees attached to their campus bank accounts. According to the report, nearly one in ten consumers in the population with student accounts incurred 10 or more  overdrafts per year, paying, on average, $196 in overdraft fees alone. Below is a detailed analysis by US. PIRG's Chris Lindstrom, who championed the protections that the CFPB is reporting on. This report is one more example of why we need a strong CFPB. 

Beat High Bank Fees

Banks rely on consumer indifference when they raise fees. They count on consumers not shopping around. PIRG’s Big Banks, Bigger Fees reports routinely find that small banks and credit unions are not following the big banks’ lead; they still offer many free or low cost accounts.

News Release | U.S. PIRG | Financial Reform

Privacy, Consumer Groups Critical of Facial Recognition Report

We've joined leading privacy and consumer advocates in a news release sharply critical of a supposed "best-practices" report released today by the Telecommunications and Information Administration (NTIA) concerning privacy and facial recognition technology. While the report purports to be the product of a "multi-stakeholder" process, all the leading privacy and consumer stakeholders dropped out of the skewed proceedings many months ago, as the release explains. It concludes: "There is much more lacking in these “best practices,” but there is one good thing: this document helps to make the case for why we need to enact laws and regulations to protect our privacy."

News Release | PennPIRG | Consumer Protection, Financial Reform

National Payday Proposal Leaves Pennsylvania Vulnerable

Today, the Consumer Financial Protection Bureau -- the federal government's consumer cop-on-the-beat -- revealed a new proposal to curb payday and car title lending. The new proposal aims to put an end to the worst abuses of these practices across the country. In doing so however, the new proposal could inadvertently undercut our strong state usury and other consumer protection laws in Pennsylvania.

For years, Pennsylvanians have been fortunate that the state has some of the strongest consumer protections in the country from deceptive and abusive lending and financial practices targeted at Pennsylvania’s most vulnerable (and often poorest) residents. But now, predatory lenders are doing everything in their power to eviscerate our protections to allow their out-of-control practices in Pennsylvania.

News Release | PennPIRG | Consumer Protection, Financial Reform

Philadelphia City Council Resoundingly Opposes Payday Lenders’ Latest Attempt to Gut Pennsylvania’s Strong Consumer Protections

In advance of a forthcoming industry-backed bill to allow high-cost, long-term payday loans in Pennsylvania, the Philadelphia City Council took the first step toward fending off their attempts by adopting a resolution, calling on members of the General Assembly to oppose any such legislation.

We oppose latest effort to weaken CFPB, other bank regulators

By | Ed Mierzwinski
Consumer Program Director

Today, the House Financial Services Committee holds its latest cattle-call markup of a package of industry-backed bills designed to weaken consumer, taxpayer, depositor and investor protections. We've signed a letter opposing the so-called TAILOR (Taking Account of Institutions with Low Operation Risk) Act, which piles redundant requirements onto the Consumer Financial Protection Bureau and other regulators to do what they already do by existing law--treat small banks and credit unions differently than mega-banks. Also, the PIRG-backed Americans for Financial Reform sent up a letter opposing the TAILOR Act and 6 more of the 10 bills on the agenda because they are designed to weaken consumer, taxpayer, depositor and investor protections.

News Release | U.S. PIRG | Consumer Protection, Financial Reform

More Than 100 Groups Insist on No Riders in Spending Legislation

The day before the White House is expected to release its fiscal year 2017 budget proposal, a coalition of more than 100 groups, including U.S. PIRG, sent a letter calling on President Barack Obama and all 535 members of Congress to oppose any federal appropriations bill that contains ideological policy riders.

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